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PayPal News & Updates
- Thread starter farooq1789
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paypal stop paying for prsonal payments but we can withdraw payment by xoom but it is also stopped making payment thru paypal transfer to indian bank accounts.but now we can get our payment by obtaining a exporter code.i will tell about the exporter code in the next thread.
f you are based in India and want to withdraw money from PayPal to your local bank account (or your credit card), you need to have an Importer Exporter Code.The Importer Exporter Code, or IEC in short, is normally required by manufacturers and companies for international trade but with this new RBI ruling, the hundreds and thousands of freelancers, programmers, web designers and small companies who depend on PayPal for foreign payment will also have to apply for an IE code.How to Get an Importer Exporter Code Number?IEC is a simple 10 digit code that is issued by the Ministry of Commerce and Industry .The IEC application form is available for download on dgft.gov.in – just search for “Application Form for Issue Importer Exporter Code Number (Iec).You may also procure the the form from any of the regional offices of Director General of Foreign Trade.Filling the form should be easy and you can skip Section C since its only for people who already have an IEC number. You’ll need a bank certificate, your PAN card copies, date of birth certificate and a Demand Draft of Rs 250 (please cross-check since the fee structure may have changed) drawn in favor of DGFT.Once you’ve all the required documents, you can submit the application in person to your regional DGFT office or it can be sent through snail mail (like registered Speed Post). Just like the Passport application, you’ll be given a File Number and you may use it to check the current status of your application on dgft.gov.in.How Long Does It Take to Get an IEC Number?It took around a week to get the IEC number and that the certificate will bed elivered to the designated address via registered post.The IEC number is valid for life and so its just a one-time effort.
e-mail from PayPal
We have been diligently working with the RBI and our business
partners to resume Indian bank withdrawals for the thousands
of Indian businesses who depend on PayPal to sell their goods
or services in the global marketplace.
Today, we are happy to announce that the RBI has allowed us
to continue local bank withdrawals for settlements for exports
of goods and services. We are currently making changes to
comply with Indian regulations for settlements for exports of
goods and services, and we anticipate that, as of Wednesday,
March 3rd, customers will be able to use our
bank withdrawal service.
As part of the changes, you will be required to fill out a
new field entitled 'Export Code' when you request a withdrawal.
This information is required under the current laws of India in
order to identify the nature of cross-border merchant transactions.
On Monday, March 1st, we will be back in touch with specific
instructions on how you can move your money into your bank account.
Moving forward, the RBI has told us that PayPal needs specific
approvals to allow personal remittances to India, which we
currently do not have. Until we get these approvals, personal
payments into India will remain suspended. However, if you are
an exporter, you will continue to be able to use the PayPal
service for payments of goods and services. In fact, with the
changes we are making to our system, PayPal is now set to be a
more powerful engine for exporters in India. With purpose codes
for export transactions and FIRCs (Foreign Inward Remittance
Certificates), you should now be able to get the export
related benefits you seek.
You can check the PayPal blog for additional updates.
www.thepaypalblog.com
We thank you for your business and for your patience during
the past few weeks.
Sincerely,
PayPal
We have been diligently working with the RBI and our business
partners to resume Indian bank withdrawals for the thousands
of Indian businesses who depend on PayPal to sell their goods
or services in the global marketplace.
Today, we are happy to announce that the RBI has allowed us
to continue local bank withdrawals for settlements for exports
of goods and services. We are currently making changes to
comply with Indian regulations for settlements for exports of
goods and services, and we anticipate that, as of Wednesday,
March 3rd, customers will be able to use our
bank withdrawal service.
As part of the changes, you will be required to fill out a
new field entitled 'Export Code' when you request a withdrawal.
This information is required under the current laws of India in
order to identify the nature of cross-border merchant transactions.
On Monday, March 1st, we will be back in touch with specific
instructions on how you can move your money into your bank account.
Moving forward, the RBI has told us that PayPal needs specific
approvals to allow personal remittances to India, which we
currently do not have. Until we get these approvals, personal
payments into India will remain suspended. However, if you are
an exporter, you will continue to be able to use the PayPal
service for payments of goods and services. In fact, with the
changes we are making to our system, PayPal is now set to be a
more powerful engine for exporters in India. With purpose codes
for export transactions and FIRCs (Foreign Inward Remittance
Certificates), you should now be able to get the export
related benefits you seek.
You can check the PayPal blog for additional updates.
www.thepaypalblog.com
We thank you for your business and for your patience during
the past few weeks.
Sincerely,
PayPal
PayPal To Restore Bank Withdrawal Service In India On March 3rd
About three weeks ago, eBay’s electronic payments daughter PayPal suddenly started blocking personal payments going in or coming out of accounts from Indian customers, resulting in a flood of online complaints from the latter that ranged from accusations of racism to sheer amateurism.
Last week, rumors that PayPal was actually forced into halting personal payments by Reserve Bank Of India (RBI) because they did not comply with all relevant regulatory requirements, were confirmed. Last night, PayPal posted a status update on its corporate blog, saying that they anticipate to resume part of its service, namely bank withdrawal abilities, as of Wednesday, March 3rd.
From the blog post:
We have been diligently working with the RBI and our business partners to resume Indian bank withdrawals for the thousands of Indian businesses who use PayPal to sell their goods or services in the global marketplace.
I’m pleased to tell you that the RBI has now allowed us to resume bank withdrawals for settlements for exports of goods and services. We are currently making changes to comply with Indian regulations for settlements for exports of goods and services, and we anticipate that as of Wednesday, March 3rd, we will be able to resume the bank withdrawal service.
As part of the changes, Indian customers will be required to fill out a new field dubbed ‘Export Code’ when they request a withdrawal (here’s how to get one). This information is apparently required under current Indian laws in order to identify the nature of cross-border merchant transactions. PayPal will share specific instructions on how users can move money into bank accounts on Monday, March 1st.
But Reserve Bank Of India has informed the eBay company that it requires specific approvals to allow personal inward remittances to India, which it currently does not have. In other words: PayPal is still forced by law to effectively suspend personal payments going into the accounts of its Indian customers for the foreseeable future, unless they are exporters.
Good news!
About three weeks ago, eBay’s electronic payments daughter PayPal suddenly started blocking personal payments going in or coming out of accounts from Indian customers, resulting in a flood of online complaints from the latter that ranged from accusations of racism to sheer amateurism.
Last week, rumors that PayPal was actually forced into halting personal payments by Reserve Bank Of India (RBI) because they did not comply with all relevant regulatory requirements, were confirmed. Last night, PayPal posted a status update on its corporate blog, saying that they anticipate to resume part of its service, namely bank withdrawal abilities, as of Wednesday, March 3rd.
From the blog post:
We have been diligently working with the RBI and our business partners to resume Indian bank withdrawals for the thousands of Indian businesses who use PayPal to sell their goods or services in the global marketplace.
I’m pleased to tell you that the RBI has now allowed us to resume bank withdrawals for settlements for exports of goods and services. We are currently making changes to comply with Indian regulations for settlements for exports of goods and services, and we anticipate that as of Wednesday, March 3rd, we will be able to resume the bank withdrawal service.
As part of the changes, Indian customers will be required to fill out a new field dubbed ‘Export Code’ when they request a withdrawal (here’s how to get one). This information is apparently required under current Indian laws in order to identify the nature of cross-border merchant transactions. PayPal will share specific instructions on how users can move money into bank accounts on Monday, March 1st.
But Reserve Bank Of India has informed the eBay company that it requires specific approvals to allow personal inward remittances to India, which it currently does not have. In other words: PayPal is still forced by law to effectively suspend personal payments going into the accounts of its Indian customers for the foreseeable future, unless they are exporters.
Good news!
I got an email by paypal as well with the notification, its just sad to see RBI making everything so difficult for payment gateways of non indian origin. No wonder paypal and Google Pay have not been able to capture such a lucrative market. No wonder companies like cc avenue continue to remain in the game even when they provide such a lousy customer service.
Got this mail from PayPal today .. seems like you can use only cheque withdrawal i n India. this sux big time. I've stopped using PayPal looong back .. they also give shitty exchange rates ... using wire since last couple of years. Pretty happy with it.In accordance with regulatory instructions, we would like to notify you about a change in our withdrawal functionality in India starting on August 1, 2010. At present you can request for either an electronic or cheque withdrawal of funds from your PayPal account if you are an India user.From July 29, 2010 onwards, you will only be able to request for a cheque withdrawal of funds from your PayPal account.While we are working hard to restore the electronic withdrawal service, in the meantime, we are bringing this matter to your attention so that you can plan your future withdrawal activities accordingly.To request for a cheque withdrawal: 1. Log into your PayPal account, click on 'Withdraw'.2. Click on the 'Request a cheque from PayPal' link.3. Enter the withdrawal amount and select your mailing address, then click 'Continue'.4. Click 'Submit' to confirm your request.In order to help you with this change and until further notice, we will refund the $5 USD cheque withdrawal fee to you for cheque withdrawals made on July 29, 2010 onwards.For any questions, please log into your PayPal account and click 'Contact Us' at the bottom of the page.We apologise for any inconvenience caused from this change in our withdrawal functionality. We will provide ongoing updates to you here. We thank you for your attention and patience as we work tirelessly to resolve this situation as quickly as possible.Thank you,The PayPal Asia Team
